Trading Report: The Huntington National Bank reduces its investment in EMC Corp. (EMC)

The Huntington National Bank reduces its investment in EMC Corp. (EMC)

Huntington National Bank lowered its position in shares of EMC Corp. (NYSE:EMC) by 50.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 429,055 shares of the information technology service provider’s stock after selling 434,145 shares during the period. Huntington National Bank’s holdings in EMC Corp. were worth $11,658,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of EMC. Financial Architects Inc raised its stake in shares of EMC Corp. by 769.2% in the second quarter. Financial Architects Inc now owns 3,842 shares of the information technology service provider’s stock worth $105,000 after buying an additional 3,400 shares during the period. NEXT Financial Group Inc raised its stake in shares of EMC Corp. by 121.1% in the second quarter. NEXT Financial Group Inc now owns 4,564 shares of the information technology service provider’s stock worth $124,000 after buying an additional 2,500 shares during the period. Hall Laurie J Trustee raised its stake in shares of EMC Corp. by 5.1% in the second quarter. Hall Laurie J Trustee now owns 5,560 shares of the information technology service provider’s stock worth $153,000 after buying an additional 270 shares during the period. Williams Jones & Associates LLC purchased a new stake in shares of EMC Corp. during the first quarter worth $154,000. Finally, Carroll Financial Associates Inc. raised its stake in shares of EMC Corp. by 5.9% in the second quarter. Carroll Financial Associates Inc. now owns 6,119 shares of the information technology service provider’s stock worth $166,000 after buying an additional 340 shares during the period. 79.86% of the stock is owned by institutional investors and hedge funds.

Shares of EMC Corp. (NYSE:EMC) remained flat at $29.05 during trading on Wednesday. EMC Corp. has a 52 week low of $22.99 and a 52 week high of $29.00. The stock has a 50-day moving average of $28.53 and a 200 day moving average of $27.32.

EMC Corp. (NYSE:EMC) last issued its quarterly earnings results on Monday, July 18th. The information technology service provider reported $0.45 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.42 by $0.03. The firm had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6 billion. EMC Corp. had a return on equity of 11.98% and a net margin of 8.55%. The firm’s revenue for the quarter was up .3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 EPS. Equities analysts expect that EMC Corp. will post $1.84 EPS for the current fiscal year.

Several research firms have recently commented on EMC. Citigroup Inc. began coverage on EMC Corp. in a research report on Tuesday, July 26th. They issued a “neutral” rating and a $32.09 price target for the company. Zacks Investment Research lowered EMC Corp. from a “buy” rating to a “hold” rating in a research report on Monday, June 20th. Mizuho lowered EMC Corp. from a “buy” rating to a “neutral” rating and set a $29.50 price target for the company. in a research report on Monday, July 11th. Wells Fargo & Co. reissued a “market perform” rating on shares of EMC Corp. in a research report on Wednesday, August 31st. Finally, Robert W. Baird reissued an “outperform” rating and issued a $29.00 price target (up from $28.00) on shares of EMC Corp. in a research report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $30.41.

EMC Corp. Company Profile

EMC Corporation (EMC) develops, delivers and supports the information technology (IT) industry’s range of information infrastructure and virtual infrastructure technologies, solutions and services. EMC manages the Company as part of a federation of businesses: EMC Information Infrastructure, VMware Virtual Infrastructure, Pivotal and Virtustream.

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